Life right after graduation can be a real drag. Communal frat house stereo? Gone! College roommate's TV? Gone! College tuition debt? Well, you've still got a lot of that. What's a recent grad to do with a small living space and a miniscule budget? The answer probably should be save, save, save, but man cannot live on instant ramen and built-in laptop speakers alone. Today's modern techie-pad has a few staples, some of which (say, your average HDTV) are probably out of your current price range. It's okay. No one expects to see the entertainment equivalent of the Bat Cave when they walk into your humble abode. Assuming, however, that you have a computer, there are a few modestly-priced items you can buy to maximize your pad's entertainment possibilities.

Whether you have the kind of budget to buy everything mentioned in this guide or you have to shop a la carte, the following products have a few things in common: they work well, are relatively cheap, and will impress your buddies.

The ideal budget set-up should center around a PC or Mac loaded with music and video content. If your music and videos live in iTunes, you pretty much have one reliable, affordable option. That's the Apple TV. Able to sling multimedia straight to your stereo or TV set, it's one of the cheapest and, by far, the easiest media extenders to set up and use.

Next, you'll need a wireless router. Not only can you use it to access the Internet, but it's essential for setting up Apple TV to wirelessly stream content to your television. The router I recommend, the Linksys WTR54GS, has a great rating and is relatively inexpensive at about $85.

Your HDTV, however, is going to be the bank-breaker. The cheapest HDTVs that don't stink start just below $1000. Our TV Analyst, Robert Heron, recommends the AOC Envision L32W461 as a decent budget purchase. The 1080i set will run you about $700. At 32-inches, it won't take up your entire living room-bedroom-kitchen.

When it comes to gaming systems and watching DVDs, you have a couple options. The most obvious budget choice is the Nintendo Wii. By far the most popular piece of equipment in PC Mag Labs, the $220 console and the bundled Wii Sports disk (tennis will become your new obsession) is phenomenally addictive. The Wii, of course, doesn't play DVDs, which is rough. If it's a Wii you want, I also recommend investing in a cheap DVD playerthere are several for well under $100 these daysuntil the Blu-Ray/HD DVD format war is over and there's a clear victor.

If you prefer a gaming console that is more of an all-in-one entertainment center, however, the Xbox 360, while not cheap, definitely multitasks and saves space. Sure, it's about $300, but it will take care of your media extender needs. The powerful console streams HD video, music, and photos from Media Center-equipped PCs. It also plays DVDs (unlike the Wii), and, of course, you can play Halo on it.

Unfortunately, once you enter the realm of awesome speakers, you'll need to buy a stereo receiver as well, so for now, the 5.1 (or even 2.1) aural experience is probably out of your price range. You can always use the built-in speakers on your TV for content streaming, DVD watching, and gaming. If you want a great sounding set for your computer, however, you're in luck. There are several options just over $100. I recommend the crisp and booming Harman/Kardon Sound Sticks II, but the JBL Spyros are another decent option, and they are certainly space savers.

Apple TV
If it plays on your iPod, you can stream it to your TV and stereo. And its $300 sticker price is about as cheap as this category gets.

Linksys WTR54GS
N-Draft routers are still a bit pricey, but G is all you really need to wirelessly enjoy basic video and audio, plus we gave this affordable device a great rating.

AOC Envision L32W461
This 32" LCD has a bright picture, supports 1080i, and won't break the bank at least, not compared to its competition.

Nintendo Wii
Does this new gaming icon need any introduction? It's the Atari 2600 for the 21st century, and you'll love it as will all your friends.

Xbox 360
For about the price of Apple TV, you get gaming, media-streaming, and a DVD player. The Apple TV and Wii are both excellent, affordable devices, but this one covers both gaming and media streaming.

Harman/Kardon SoundSticks II
These speakers look cool, sound great, and will make your PC's music library sound like it's coming through a real stereo for about $116.

JBL Spyro
In the same price range as the SoundSticks, the Spyro delivers respectable bass and clear high-mids, plus the flower-like speakers are tiny.

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